Economics Learning Steps 9913 Complete USA Test Prep

Economics Learning Steps 9/9/13

Complete USA Test Prep. Warm-up & Complete Standards MI 4 Three Forms of Business Organizations Review Quiz and Enrichment

Standards & Elements SSEMA 1: The student will illustrate the means by which economic activity is measured. Elements: a. Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports. b. Define Gross Domestic Product (GDP), economic growth, unemployment, Consumer Price Index (CPI), inflation, stagflation, and aggregate supply and aggregate demand. c. Explain how economic growth, inflation, and unemployment are calculated. d. Identify structural, cyclical, and frictional unemployment. e. Define the stages of the business cycle, include peak, contraction, trough, recovery, expansion as well as recession and depression. f. Describe the difference between the national debt and government deficits.

Enduring Understandings Students will understand that Policymakers study business cycles to try to predict declines, lessen their effects and speed economic recovery.

Essential Questions 1. What is a period of macroeconomic expansion followed by a period of contraction? 2. What is a steady, long term increase in real GDP? 3. What is the lowest point in an economic contraction? 4. What is the height of an economic expansion? 5. What is a prolonged economic contraction? 6. How are depressions usually referred? 7. What is a period of economic growth as measured by a rise in real GDP? 8. What is a decline in output combined with a rise in inflation? 9. Stock markets and prices as well as interest rates are all types of what? 10. What happens to consumer and business spending when the interest rates goes up?

Class Activities Complete Charting Business Cycles & Micro-Economics Mini-Test USA Test Prep.